中国证券金融公司传出消息称，正在积极推进的转融通业务资金来源有望进一步扩大，将在目前75亿元资本金已经到位基础上进一步增资45亿元。公司计划发债1000亿元，首期200亿元，近日即将启动。预计最早获得转融通试点资格的券商家数将超过十家。

China's securities finance company came news said，Is actively promoting the refinancing business financing source is expected to further expand，In the current 7.5 billion yuan capital will be based on already in place further capital increase of 4.5 billion yuan。The company plans to 100 billion yuan translated，The $20 billion，Recently is about to start。The first is expected to get to refinance pilot qualification of the number of brokers will be more than ten home。

　　转融通业务是相对直接融通，即通常所说的融资融券业务而言，是证券金融公司将自有或者依法筹集的资金和证券出借给证券公司，以供其办理融资融券业务的经营活动，包括转融资和转融券。转融通推出后，作为转融通业务的流转中枢，证券金融公司可以通过借贷利率、保证金比例和借贷规模来调节融资融券业务的总体规模，为证券行业带来财务杠杆。

Refinancing business is relatively direct financing，What say normally namely margin for business，Is financial company will own securities or funds raised in accordance with lend securities companies and securities，For its handle margin business management activities，Including turn financing and turn securities。Refinancing after launch，As a refinancing of business flow central，A securities finance company can through the lending rate、Margin proportion and scale of lending to adjust the margin of the overall size of the business，For securities industry has brought financial leverage。

　　中国证券金融公司目前资本金120亿元，若仅计提10%的风险资本准备，则潜在规模1200亿元；若考虑A类公司系数0.6倍，则为2000亿元；若再考虑次级债发行，按照长期次级债不超过净资本的50%，5年次级债100%计入净资本，则最大规模可以达到1800-3000亿元。

China's securities finance company capital is 12 billion yuan，If only 10% of the venture capital plan to prepare，The potential size of 120 billion yuan；If you consider A class company coefficient 0.6 times，It for $200 billion；If we consider the subprime issue，According to the long-term subordinated debt no more than 50% of the net capital，Five years in the subprime 100% net capital，Is the most massive can reach 1800-300 billion yuan。

　　按照A股市场日均交易额1450亿元、流通市值22万亿元、目前两融交易额占比3.3%、融资融券利率9.1%计算，2012年券商融资融券年交易规模可达11723.25亿元、利息收入76亿元、佣金收入24亿元左右，合计融资融券业务收入100亿元左右，给予证券行业“增持”投资评级。

According to the A share market average daily turnover of 145 billion yuan、Current market prise 22 trillion yuan、At the two traded than 3.3% of harmony、Margin rates 9.1% computation，2012 brokers margin trading in the scale of up to 1.172325 trillion yuan、Interest income 7.6 billion yuan、Commission income 2.4 billion yuan，Total margin business income is 10 billion yuan，Give the securities industry“increasing”Investment rating。

　　（方正证券(601901,股吧)）

（Founder securities(601901,Shares it)）